Blog and Artwork updates of Singapore caricaturist, portrait artist and illustrator - Jit

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Wednesday, December 03, 2008

Comic illustration - The Second Great Depression

Comic strip illustration - The Second Great Depression watermark
The sharp fall of the global markets since Oct 2007, is very fierce.
Even the Asia Financial Crisis (1997) and Dot com bubble burst( 2001) are not comparable to this decline.
The closest we can compare is the Great Depression in 1929.
I proposed to Robin - Why not we paint a picture of the second Great Depression?
The initial idea is to have the CEOs of the troubled big companies like Citibank, AIG, Lehman Brothers, Freddie Mac, Fennie Mae and Bear Stern (the skeleton) begging on a street.
Then it strikes me with this idea of why not just make it Wall Street?
So it starts with this Wall Street, with George Bush paying money to the Citibank CEO, and with AIG and Lehman Brothers CEO looking at him.
The road signal of Dow Jones is changed to "Down Jones".
Behind this Wall Street are a series of walls, representing the Subprime Mortgages, Mortgage Companies, Lenders, Home Builders, Markets and US Economy. They all collapsed one after another due to the Domino effect. What pushed them down is the Financial Tsunami at the back.
I added in the storm sky with lightning to enhance this effect.
DJIA - The Great Depression
This chart shows how bad the Dow Jones was in 1929.
From 3 Sep 1929 to 7 July 1932, it suffered 8 major market crashes, dipped from 386.10 points to 41.60 points in 3 years. The loss was 89.2%.
If this second Great Depression is to come true and has the similar dip, Dow Jones should fall from 14279.96 to 1542.24!!! We have just about 14 months into the bear market, and Dow has lost about 40%. Can you imagine how bad will the economy be in another 2 years time? Of course, we wouldn't like to see that happen. Just a precaution here.

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